German wage round – approaching its first peaks
— IGM has started “24h-token strikes” to increase pressure ahead of the 6 th
round of talks. The crunch point remains IGM’s insistence on a partial
subsidy in case employees want to temporarily reduce their weekly working
hours to 28.
— Despite the intensification of the dispute, there still seems to be a
willingness on both sides to avoid a collapse; both have signaled their
intention to return to the negotiating table after Friday, when the current
wave of strikes ends.
— Improved offers by metal employers and VW support our long-held view that
pay increases could be clearly north of 3%.